BNB Through the Seasons: Navigating Cycles and Evolution

Beyond the technical jargon of AI and public blockchains, BNB Chain continues to explore new possibilities.

In 1606, the Netherlands issued the world's first stock, pioneering a public fundraising model that enabled the masses to share economic value. Over 400 years later, this innovation resonates in NVIDIA’s $3 trillion market capitalization, a testament to its enduring impact.

Times have changed. While traditional stock markets still dominate, they remain largely out of reach for small nations and the underprivileged. Bitcoin and other crypto assets, however, present an alternative—an open, accessible system for global asset pricing. From El Salvador to Bhutan, smaller nations are embracing this shift, with Bhutan even making Bitcoin mining an official endeavor.

With Trump’s return, the idea of national crypto reserves is expanding beyond Bitcoin and mining. The U.S. and several other nations are now experimenting with crypto reserves—a historic first, in a role traditionally held by gold, silver, and the U.S. dollar.

Amid this shift, CZ resurfaced, hinting that Bhutan might add ETH and BNB to its reserves. Moving with the tide, Bhutan’s GMC officially included BNB alongside BTC and ETH on January 8. But while BTC is digital gold and ETH is widely recognized as “money,” what does BNB truly represent?

BTC’s significance is undisputed—it legitimized crypto. ETH’s value has been reaffirmed, not just by retail investors but even by Trump’s repeated purchases. BNB, however, has long been overshadowed by Binance, with its broader on-chain ecosystem yet to be fully recognized.

Today, we reflect on BNB’s journey—eight years of shifting tides, each shaping the blockchain industry for decades.

Origins: BNB embodies Binance

In 2008, Satoshi Nakamoto created Bitcoin, unlocking the doors to a decentralized financial system. Like the mythical founders of ancient civilizations, his identity remains a mystery, yet his impact is undeniable. At its core, Bitcoin introduced a groundbreaking concept—a peer-to-peer electronic currency that seamlessly facilitates value exchange.

From the Mt. Gox era to the rise of countless exchanges, Binance and Coinbase emerged as the two dominant forces. Binance prioritized building an on-chain ecosystem, viewing centralized exchanges (CEXs) as a stepping stone to financial freedom, while Coinbase embraced the traditional financial system, eventually going public.

When Binance launched in 2017, it introduced BNB alongside its exchange, a bold move that integrated token economics into its core operations. From day one, Binance built its business around blockchain technology and its native token, BNB.

The Binance whitepaper outlined BNB’s key functions, primarily offering transaction fee discounts and enabling platform governance. Fee discounts incentivized users to hold BNB, allowing them to grow alongside the platform. Governance participation also allowed token holders to influence exchange operations, from voting on new listings to staking BNB as collateral.

BNB’s value has actively been managed through token burns and ecosystem expansion. This includes quarterly token burns and expanding BNB’s use cases. As of January 23, 2025, the circulating supply of BNB is approximately 142.4 million, with the total supply expected to reduce to 100 million.

The latest quarterly burn on January 23 saw 1,634,200.95 BNB, worth approximately $1.16 billion, permanently removed from circulation.

More importantly, Binance pioneered asset discovery and issuance, from the traditional finance-inspired Launchpad to the industry-native Megadrop.

• In 2019, Binance launched the Launchpad, introducing the IEO model to bring structure and security to crypto crowdfunding while granting BNB holders exclusive participation rights.
• In 2020, Binance introduced Launchpool, allowing users to stake BNB for new token rewards. In 2024 alone, Binance held 21 Launchpool events, with a total value locked (TVL) reaching $1.53 billion and over 6.1 million participants.
• Historically, Binance IEOs have delivered an industry-leading 13x ROI, benefiting long-term BNB holders.

The next step? Strengthening the connection between Binance and its on-chain ecosystem. In 2024, Binance launched Megadrop, integrating Binance Earn products with the Binance wallet on BNB Chain, redefining airdrop experiences.

Binance Select identifies top projects based on BNB lock-up amount and duration, rewarding longer commitments with more points.

Beyond passive selection, Binance takes a proactive approach with Binance Alpha, scouting early-stage projects before token issuance. Hosted within the Binance Wallet, Alpha projects have strong potential for main platform listing.

Beyond abstract frameworks and system architecture, BNB’s true value lies in its pragmatic utility. Take recent Megadrop as an example—BNB seamlessly flows within the Binance ecosystem, enabling efficient staking and restaking through the Binance Wallet. This "one asset, multiple uses" approach optimizes capital efficiency while reinforcing the BNB ecosystem.

Binance has maximized BNB’s potential by bridging abstraction and utility. Centralized exchanges can be both a gateway to financial freedom and a constraint, but these choices are often pragmatic compromises shaped by time and circumstance.

Humanity seeks both freedom and security, decentralization and efficiency. Yet progress is a constant trade-off, not a binary choice.The real debate is not simply freedom versus control or centralization versus decentralization, but rather the trade-offs among freedom, security, efficiency, and usability.

In the end, each participant embarks on their own Odyssey, shaped by the priorities they choose along the way.

Odyssey: BNB embodies BNB Chain

In the long and turbulent journey of crypto, only a few endure. The Layer 1 “war” of 2021 saw exchanges join the battlefield, yet only three and a half major players emerged—BTC, ETH, BNB Smart Chain (BSC), and half of Solana, still locked in competition with Ethereum.

Today, BNB Chain encompasses BSC, opBNB, and the storage-focused BNB Greenfield, forming the oneBNB ecosystem.

BNB Chain is unique—not a centralized exchange’s vanity project, nor an FTX-Solana-style strategic alliance. It is a fully realized blockchain ecosystem.

A Serious Side: The AI-First Chain

Binance does not have control over BNB Chain or BNB. BNB Chain has massive on-chain activity, a vibrant developer community, and high transaction volume.

• BNB Chain, alongside Tron, is one of the few blockchains serving real-world demand, especially on stablecoin transfer and payment.
• With 5,607 active dApps, nearly 1 million active addresses, and $3.6 billion in DeFi TVL, BNB Chain even surpasses Ethereum in some key metrics.

Positioning itself as the AI-first chain, BNB Chain is building the infrastructure for AI applications, from computing power and data storage to AI models.

• MyShell, an AI Agent framework, was part of the 2023 MVB incubation program.
• DIN, a data-labeling platform akin to ScaleAI, is leveraging BNB Chain and has secured Binance Labs funding.

BNB Chain will continue its AI-first approach in 2025, creating the most active AI ecosystem on-chain.

A Playful Side: Happy-Sci & DeSci

Beyond AI, BNB Chain continues to explore new possibilities.

Take Happy-Sci, for example—a community initiative launched by @cyodyssey. The program has sponsored 500 PhD students with micro-grants distributed via Trust Wallet, adding a touch of color to the often monotonous world of academia.

The funding is processed through BNB Chain, earning widespread praise from PhD recipients not just for BNB Chain’s sponsorship but also for its efficient support of various assets, particularly stablecoins.

Beyond Happy-Sci’s lighthearted mission, the more serious DeSci (Decentralized Science) movement has also built strong ties with CZ and BNB Chain. CZ has expressed deep interest in DeSci’s research and applications, actively supporting its growth across various platforms.

Balancing user adoption with technological advancement, BNB Chain is more than just an exchange ecosystem—it’s a financial revolution, paving the way for greater global freedom. Beyond trading and finance, BNB stands as a powerful crypto asset with real-world value, leaving its mark far beyond Binance, across the broader human landscape.

Revolution: BNB is the Future

In 2024, BNB’s price surged 120%, outperforming ETH (46%) and even BTC (119%). Among the top 10 cryptos, BNB saw significant gains.

While BTC and ETH dominate the public perception of Web3, BNB remains the gateway. It is the starting point—the "newbie village"—where users begin their journey before venturing into the dark forest of on-chain finance.
On the road to mainstream adoption, BNB is an essential player. Think of it like a camera lens:

Up close, it reveals the composability of the on-chain world.

At mid-range, it captures the dominance of centralized exchanges (CEXs).

From a wide-angle view, it aligns with the growing trend of governments adopting crypto as reserves.

Together, these perspectives define BNB’s multidimensional role in the evolving financial landscape.

BNB Chain is also expanding beyond trading, particularly in stablecoin-based payments. With opBNB transactions averaging $0.001 and BSC transactions at $0.03, BNB Chain is well-positioned for real-world payments. For example, Singapore’s dtcpay has partnered with BNB Chain to facilitate stablecoin transactions for businesses.

Looking back on the past eight years, BNB is no longer a newcomer. It is in its "adolescence," standing at the intersection of DeFi, AI, and real-world adoption.

Final Thoughts

BNB has weathered market cycles, evolving from an exchange token to a pillar of blockchain infrastructure. From the Wild West of crypto to mainstream adoption, its journey has just begun. The next eight years will test crypto’s resilience—but those who endure will be rewarded.

BNB extends beyond Binance,even BNB Chain; it is a driving force in the broader financial and technological landscape. And the world is only starting to take notice.